class12 Principles of Management Notes
PRINCIPLES OF MANAGEMENT Meaning: Principles refers to a statement which reflects the fundamental truth about some phenomenon. Management principles are derived on the basis of observation and analysis of events which managers have to face in actual practice. Definition “Principles of management are the guiding rules or laws for managerial action” – H.G. Hicks. Nature of Management Principles: 1. Universal Applicability - Management principles have universal application in all types of organizations and in all places like business organizations, police force, sports clubs, family etc. 2. General Guidelines – Management principles are derived from experience and analysis and they are in the form of mere statements. These statements are guidelines for action but not provide solution to all managerial problems. 3. Formed by practice and experimentation 4. Flexible - Management principles never remain static; they are applied in given situations. 5. Mainly behav...